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We recognize that with the rapidly evolving COVID-19 (Coronavirus) situation in Canada, these are uncertain times for everyone.
At TurboTax, we're here to help. We've created the COVID-19 Tax Info Centre as a quick-reference resource to house any and all information related to how the pandemic may impact your tax filing experience. This hub will be updated in real-time as information becomes available, so be sure to check back to be kept up-to-date during this fluid situation.
Answers to commonly asked questions:
Tax deadlines
What is the government of Canada doing to help?
What kind of income support is available?
What is the Canada Emergency Response Benefit (CERB)?
What is the Canada Emergency Wage Subsidy (CEWS)?
Financial assistance programs
Individuals whose employment has been suspended, cancelled or delayed, may qualify for a number of financial assistance programs from the federal government.
Have you been laid off?
The following government assistance programs may be available to you:
Apply for the Canada Emergency Response Benefit (CERB)
Check with your employer to see if you are eligible for the Canada Emergency Wage Subsidy (CEWS)
Are you quarantined, self-isolating, or caring for someone ill?
The following government assistance programs may be available to you:
Are you self-employed?
The following government assistance programs may be available to you:
Are you caring for children?
The following government assistance programs may be available to you:
Are you a seasonal, part-time or contract worker, who has had your hours reduced?
The following government assistance programs may be available to you:
Family assistance programs
Government child benefits and assistance are available to aid in the added costs of childcare and expenses.
Are you ill or caring for someone ill?
The following government assistance programs may be available to you:
Do you have children?
The following government assistance programs may be available to you:
Apply for the Canada Child Benefit
*Note: If you are already receiving the Canada Child Benefit, you will see an automatic increase (up to $300 per child), on your regular monthly payment in May, 2020. There is no need to re-apply to receive this increase.
Student assistance programs
Government benefits and assistance is available to provide relief to students facing financial stress(es) due to COVID-19.
Did you apply for the Canada Summer Jobs program?
Applications for this program closed in February, 2020. Those who completed the application progress prior to this deadline can check for current job postings here.
Do you have a student loan?
The government of Canada has issued an automatic six-month, interest-free deferral on all Canada Student Loans, for all borrowers. There is no need to apply for this deferral for those eligible.
Find out more by visiting the federal government website here.
Are you a seasonal worker?
The following government assistance programs may be available to you:
Have you lost your job?
Proposed Canada Emergency Student Benefit
There is currently a proposal before parliament called the Canada Emergency Student Benefit (CESB). Through this proposal, post-secondary students would be eligible for $1,250/month (from May through August), with that amount increasing to up to $2,000/month if the student has a disability (or is caring for someone with a disability). Payments would be made through the Canada Revenue Agency (CRA).
Continue to check the federal government website for information on the parliamentary process.
Assistance programs for businesses
Government programs are available to provide relief to businesses, such as assistance with wage subsidies, loans, and general tax relief.
Are you an employer?
The Canadian government has provided economic relief for employers on a number of levels, including:
Extension of work-sharing program
Canada Emergency Wage Subsidy (CEWS)
Canada Emergency Commercial Rent Assistance (proposed)
Large Employer Emergency Financing Facility (proposed)
Do you need tax relief?
Are you a non-profit or small business?
The following government assistance programs may be available to you:
Apply for the Canada Emergency Wage Subsidy (CEWS)
Apply for a Canada Emergency Business Account
Learn more about the Canada Emergency Commercial Rent Assistance program (proposed)
Assistance programs for seniors
A new government program has been proposed to provide financial relief to seniors, and rules surrounding RRIFs have been temporarily amended.
Do you have RRIFs?
Required minimum withdrawals from RRIFs have been reduced by 25% for 2020.
Find out more by visiting the federal government website here.
Do you qualify for Old Age Security (OAS), or the Guaranteed Income Supplement (GIS)?
Seniors who qualify for Old Age Security (OAS) will be eligible for a one-time, tax-free payment of $300, with those eligible for the Guaranteed Income Supplement (GIS) eligible for an extra $200. Those eligible for both will receive the combined $500 total.
If you are already receiving OAS and/or GIS payments, there is no need to re-apply, as these increases are automatic.
Continue to check the federal government website for more information.
Tax assistance and personal finance
Tax credits and payment deferrals may be part of relief efforts for qualified Canadians.
Do you qualify for tax credits or deferrals?
Assistance for property owners
You may be eligible to defer your mortgage payments due to suspension of evictions and rent hikes.
Do you own property?
Property owners facing financial stress may be eligible for mortgage payment deferral up to 6 months.
To find out more, visit the Canada Mortgage and Housing Cooperation website here.
Assistance for Canadians abroad
Canadians stuck abroad may be eligible for assistance or emergency loans in order to return home.
Are you stuck abroad and require financial assistance?
The federal government has set up the Emergency Loan Program for Canadians Abroad, to provide assistance for those Canadians without the financial means to return home.
Repayable loans for up to $5,000 are available to aid in purchasing plane tickets back to Canada.
Visit the federal government website to learn more and how to apply.
Related information:
CRA guide to filing your 2019 taxes
What to know about COVID-19 and your taxes
COVID-19 and Finances: Ultimate Money Tip and Resource Guide
